Lexington Sale ‘tightens up,’ drops from five sessions to four

story by Dave Briggs

additional quotes by James Platz

Last year, the Lexington Selected Yearling Sale saw 890 yearlings go through the ring over five sessions. This, year about 100 fewer horses will sell over four days.

“At the conclusion of last year’s sale, the sale management and the team felt that we wanted to tighten up the sale a little bit,” said sale co-manager David Reid, who oversees the sale in conjunction with Bruce Brinkerhoff. “The marketplace seemed like it was getting a little more selective. Our initial thoughts were, after getting some feedback from consignors, that we were going to tighten up the book for 2026. Going into the springtime, that was our goal.

“Then, the Breeders Crown dates were announced and, because of the calendar and the Crowns being a week earlier this year [with eliminations on Oct. 16 and 17], there was a ripple effect to the race dates. The Red Mile ended up adjusting their racing schedule to race Thursday, Friday, Saturday both weeks and moving the [Kentucky] Futurity to the first weekend, because there’s going to be Breeders Crown eliminations and finals. Therefore, we eliminated a night of the sale to adjust to the racing calendar.

“So, we ended up taking fewer yearlings after that as a result.”

This year’s auction at the Fasig-Tipton Sales Pavilion begins Monday (Oct. 5) with a session that begins at 7 p.m. Days 2 and 3 will be day sessions on Tuesday (Oct. 6) and Wednesday (Oct. 7) starting at 11 a.m., which is even earlier than last year’s afternoon sessions. The sale will conclude on Thursday (Oct. 8) with a night session beginning at 7 p.m.

“We’re going to start our sessions earlier on Tuesday and Wednesday,” Reid said. “The two day sessions are going to start at 11 o’clock in the morning. We want to get people out in time for dinner. That’s our main goal there. We’re selling more horses, obviously, on Days 2 and 3 and the quality is spread out – as it always is. We feel we have a very deep quality catalog and we’re excited to present the catalog.

“Everyone loves Lexington and they love to enjoy all aspects of it, including the nightlife, and that’s our goal — to try to make that happen as much as possible for all participants.”

Last year, 890 yearlings were sold at the Lexington sale. The gross of $60.891 million was the fourth best in sale history and produced an average of $68,417 that was also the fourth best ever. The median was $40,000 and 189 horses sold for $100,000 or more, up marginally over 2024.

“The Futurity is going to be on the Saturday (Oct. 3),” Reid said. “The racing is dark on Sunday and people can come to the facility and look at the horses, and all-day Monday as well. Then we roll right into Tuesday, Wednesday, and then conclude on Thursday night, with the racing during the day and the sale Thursday night.

As for what impact going four days instead of five will have on the bottom line, Reid said he’s not sure.

CONSIGNORS REACT TO SHORTER SALE

Reaction from some consignors was mixed, but mostly positive.

“I’d say everybody is pretty much in the same boat,” said Hunterton’s Steve Stewart. “At least, I hope they are. I think everybody’s got fewer horses than they did last year, which is fine. I like the fact that they’ve gone from five days to four days. I think that was a good move.

“It’s supply and demand. I don’t think we need to be selling 900 horses like we were a few years ago. I don’t think it had a great effect, but I think it could have an effect at some point. Every year, they were just raising it 70 or 80 horses. I think they’ve bit the bullet and cut it back and I think it’s a good thing. We sell at both sales, so it’s not a big, big problem for us… I don’t think they need to go to three days, but I think cutting it back by 70 or 80 horses was not a bad thing, in my opinion.”

Blue Chip Farm owner Tom Grossman said, “I think [fewer sessions is] better for everybody. I think people do get burned out and I think it makes it a more select sale. We viewed it that way, selling fewer in Day 3 and 4. I think it’s going to be a positive. I don’t see any negatives to the shorter sale, to fewer horses. I’m excited.”

Shaun Laungani of Diamond Creek and Alliance Bloodstock said most of the yearlings they entered for Lexington made the cut.

“We had maybe just a few that Lexington wasn’t interested in,” Laungani said. “It wasn’t as bad as what I’ve heard from some other folks. So we were really fortunate that way.

“I think that the reduction of the entries will help the sale, kind of help shed some of the low action periods. I know they’re concerned about losing momentum and that kind of thing.

“So, I think it will be very helpful for them. I just think that it has reverberations for the industry that we all need to talk about. If we’re reducing the number of slots in the major sales then that has an effect on the number of mares that will be bred and the stud fees people will be willing to try and the quality studs they will be willing to try. I know it’s hit a lot of folks hard evaluating their mares. A lot of people breed just for the Lexington sale and if they can’t get into the Lexington sale they have to reassess their mare. I would just tell everybody to proceed with caution.”

Julie Meirs from Concord Stud said “just a small handful” of her yearlings were not accepted into the Lexington sale.

“I doubled the consignment on them, and they were able to accommodate,” she said. “So, it’s what you bring.

“I think the nights got long last year, and I think people weren’t having as much fun as they have in previous years. And so I think it’ll be better to cut it down.

“We’ve got earlier start times on the Tuesday and Wednesday, and a slimmer catalog. So, I think it’s important that we are making changes that need to happen, and we’ll find out in October if those were the right changes.”

Senena Esty of Spring Haven Farm was realistic about the change to the sale format.

“It doesn’t do me any favors if I take a substandard standardbred to Lexington and it doesn’t sell well, so it just hurts me ultimately,” Esty said. “I want to sell the best. So, I’m all about the need to cut days, or you need to have the best of the best. All of us got horses in that we thought were worthy. But there’s got to be a selectness to the select sale, so you just have to put on your big boy or big girl britches and make another plan.

“I think we got the best in of the selection. I was fine as far as what we got in and what was on the chopping block. I wasn’t surprised either. I could understand the reason.”

Reid said the sales company will evaluate the results carefully before deciding on how best to run the sale in 2027.

“We’ll look at everything – the average, the median,” Reid said. “Obviously, gross is going to be down. We’re just looking to continue to have the highest quality offering that we can have, in the time provided, in the best format we can present to the public.

“With the book tightened up a little bit, I expect the average to probably tick up a little bit and the median should tick up a little bit, if everything goes well.”

HEAVIER IN TROTTERS

Reid said the sale, “percentage-wise, is heavier in trotters again this year. We have a great representation of all the top sires with Walner, Chapter Seven, Captain Corey, Tactical Landing. We’ve got the first-crop of Tactical Approach.

“Pacing-wise, same thing there. We have an increased selection of Captaintreacherous over last year. The first crop of Confederate is going to be offered this year and the first crop of Cannibal.

“On the regional side, you’ve got the first crop of Branded By Lindy… first crop of Lou’s Pearlman from Ohio and first crop of Beach Glass.”

Other horse sales suggest the Lexington sale should be strong.

“The Ohio sale was good, year over year,” Reid said. “I would expect a consistent marketplace coming into this fall.

“There’s still a lot of strong jurisdictions. Sires stakes are booming everywhere. So, there’s opportunity for people to get their money back.

“There’s no glaring change in any jurisdiction. Ontario got stronger, a little bit. Other jurisdictions are staying the same, if not getting stronger. You’ve got the Kentucky program that’s still rolling along. You have your Virginia program that’s still plugging away. Your Massachusetts program is strong. There’s nothing negative year over year, from a jurisdictional point of view, that would make me concerned.

“Every thoroughbred sale this year has been very, very strong and I would expect our marketplace to be consistent year over year, just like the thoroughbred market has been.”

Stewart said the addition of the $1 million Meadowlands Trot for 2027 should help maintain the value of New Jersey horses in Lexington, especially since Meadowlands’ owner Jeff Gural has added a bonus for New Jersey-sired winners of the race.

“I think we went from darkness to light,” Stewart said. “A month ago, everybody was, like, ‘What’s Gural going to do?’ I think he could’ve gone either way. He could’ve folded the tent and said, ‘Screw you guys, I’ll just wait for my casino,’ but he’s stepped up. The SBOA and him are working together and that’s what was needed and I think it lacked that before the vote to move the [Hambletonian to Indiana]. It’s all positive now. The big thing that he had to do, he had to make sure there was a reason for all those trainers to be in New Jersey. We all know that it’s a hell of a lot more expensive on the East Coast than it is in the Midwest to take care of horses and live and everything, so there’s got to be a reason to be there. People like it in Lexington, it’s user-friendly here. So, you needed what he did. Hat’s off to him and thank goodness he did that.

“I think it’ll bode well for the sale because there’s no question now. Before, there were a lot of questions.”

FAVORABLE TAX LAWS AND OTHER SALES

Favorable tax laws should also help drive business. A year ago, President Trump signed a permanent restoration of the 100 per cent Bonus Depreciation.

“I do think that continues to be a big plus, yes,” Grossman said. “More so for [thoroughbreds] instead of us, because their owners tend to have much more outside income in general than our owners would, but it’s still a big plus for anybody with a business.”

Stewart said the standardbred business just makes more economic sense than the thoroughbred game.

“We sold $12 million worth of yearlings [last year], we don’t need to sell $13 million, if that makes sense,” he said. “Living in thoroughbred land now for all my life and watching [thoroughbreds], they don’t go boom to bust, but they go so high that there’s a correction. The thing about our business is, I don’t think we jump 20 per cent and go crazy. What that does is… it just costs more for everybody. When everything goes up, then at some point there will be a correction. The reason why there’s going to be a correction is simple economics. They are, just like us, not racing for any more money. So, if you’re buying into a business then the return is not there, when it comes to racing, I question whether yearling prices are controlled by purse money. It is by us, for sure.

“We’re racing for the exact same amount of money this year as we did last year. When I’m talking to thoroughbred people about standardbreds, I always say, ‘We’re a great, simple business, in the fact that it’s money in and money out.’ If people think they can make money, they’ll buy and if they don’t think they can make money, they won’t.

“There’s no ego in our business, meaning going to the country club and talking about it. There’s no value in that, like there is in thoroughbreds. So, we don’t attract the people that are doing it to just to say they are doing it.

“The economics for us are much, much better than the thoroughbreds, but they have the pomp and circumstance, what I call ‘the moth to the flame.’ People say, ‘the thoroughbreds must be the way to go – look at all the money, money, money.’ I always tell them, and they look at me funny, but I say, ‘if it’s not standardbreds, I’d go sell shoes or I’ll go do something else.’ I would never get in their business because the average thoroughbred races six times a year. It’s not for the faint of heart, but they do have the ability to draw the people that have money into the game. I’m not saying that we shouldn’t do more of that, because we should, but I like the economics of our business right where it is and I hope it stays there for everyone involved.”